Authorization

PG&E is plunging after report says it still plans to seek bankruptcy protection (PCG)

PG&E is plunging after report says it still plans to seek bankruptcy protection (PCG)
Noah Berger/AP



PG&E, California's largest utility, said Thursday that despite being cleared of any fault in the 2017 Tubbs Fire, it still faced "significant potential liabilities."




A person familiar with the matter told Reuters the utility would still seek bankruptcy protection later this month.




Shares fell more than 10% early Friday.




Watch PG&E trade live.




Shares of PG&E, California's largest utility, were down more than 10% early Friday morning after the company said it still planned to file for bankruptcy protection despite being cleared by the California Department of Forestry and Fire Protection of any wrongdoing related to the 2017 Tubbs Fire, the second-most-destructive fire in the state's history.
Shares of the company soared 75% Thursday after the fire-protection agency cleared PG&E from fault for the 2017 fire, closing at $13.95 apiece. But then the company came out with a statement after the closing bell.
"Regardless of today's announcement, PG&E still faces extensive litigation, significant potential liabilities, and a deteriorating financial situation," the utility said in a statement Thursday evening, according to Reuters. A person familiar with that matter told the news agency that the utility still planned to seek bankruptcy protection later this month.
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Сентябрь 2020    »
ПнВтСрЧтПтСбВс
 123456
78910111213
14151617181920
21222324252627
282930